Three banks, GN Bank, Premium Bank and Sahel Sahara Bank, have concluded a merger deal that could be the first in a series of others to follow.
Graphic Online can confirm that the three institutions reached a deal earlier this month, paving the way for a formal announcement later this week.
The transaction was led by Gold Coast Fund Management, a subsidiary of the Groupe Nduom, owned by business magnate and politician, Dr Paa Kwesi Nduom, and his wife, Mrs Nduom.
The Chief Executive Officer of GN Bank, Issah Adam in May this year said that the bank was on track to meet the deadline for the Bank of Ghana’s new minimum capital requirement as its shareholders had been able to raise more than they had projected in the first quarter of the year.
He said even though the bank’s shareholders pledged to raise in ¢56million in the first quarter of the year they raised ¢60million.
“We submitted our capital plan to Bank of Ghana in December 2017 and in the capital plan the shareholders had promised to bring in ¢56million in quarter one, then another chunk, about ¢160million in quarter two and then the balance in quarter three… As I speak to you, our shareholders brought in ¢60million that is ¢4million above what they had planned to do. So, we are on track and this quarter two, we are really poised to be able to deliver what we promised that we going to come up with,” he told Ghanaweb.
The Bank of Ghana, in 2017 announced an increment in the minimum capital requirement of Universal Banks from ¢120 million to ¢400 million giving commercial banks up to December 2018 to meet the new capital which represents an increase of 233 per cent.
GN Bank is an indigenous private Ghanaian owned commercial bank licensed to operate in Ghana. GN Bank has over 260 locations across the 10 regions of Ghana.
…more to follow
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